$930 million set for Banpu investments this year

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$930 million set for Banpu investments this year

By THE NATION

 

Somruedee Chaimongkol, the company's chief executive officer

 

Banpu Plc, a leading integrated energy solutions company, has set an investment budget of US$930 million this year, said Somruedee Chaimongkol, the company's chief executive officer on Friday (February 28).

 

 

Of the total, 90 per cent will be spent on the expansion of its natural gas and renewable energy businesses to boost its total production capacity.

 

She added that the company was in talks with partners in US and Asia to seek investment opportunity in the Liquefied Natural Gas (LNG) business.

 

Banpu reported a total revenue of US$2.759 billion for 2019, a decrease of 21 per cent year on year.

 

The company is moving forward with 'Greener' strategy by fostering green energy business growth, fueled by increased proportion of shale gas business, and establishing Banpu NEXT Company Limited to develop and expand clean energy and energy technology businesses in line with the world's future energy trend.

 

Somruedee said that Banpu would continue to strengthen and balance the business ecosystem between its core business groups — Energy Resources, Energy Generation, and Energy Technology with a focus on creating business growth that responds to the energy trend of the future.

 

To pursue sustainable growth through the Greener & Smarter strategy, Banpu invested US$ 770 million in December last year to acquire a shale gas asset in Barnett, Texas. The state is the biggest shale gas consumer in the US, representing 15 per cent of the country's total demand.

 

The investment in Barnett has the potential of a quick payback within 6 years, while its gas reserves would last for 16 years.

 

Source: https://www.nationthailand.com/business/30383041

 

-- © Copyright The Nation Thailand 2020-02-29

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